We study a benchmark model with collateral constraints and heterogeneous discounting. Contrarily to a rich literature on borrowing limits, we allow for rental markets. By incorporating this missing market, we show that impatient agents choose to rent rather than to own the collateral in the...

We consider a life-cycle model with bequest motives, and assume that the individual does not know his/her survival probability and has maxmin utility preferences; we show that it is optimal not to annuitize but to purchase pure life insurance policies instead.

Even in countries where there is a male-biased sex ratio, it is still possible for the marriage market to be balanced if men marry younger women and population is growing. We define a Missing Brides Index to reflect the intensity of the possible imbalance at steady state, taking into account the...